I saw many beach party movies back in the day, including those of the horror variety, and frankly none of them were memorable. They all featured teenagers much older than we were dancing, surfing, and making out. I may have seen this one, but I don't recall seeing any that were filmed in black and white. The best parts of them were the girls in bikinis, and this one has that in spades until the third act when the filmmakers had to do something about the plot.
This one features a funny monster, and good music. The movie is amusingly bad except the scene with the ventriloquist. That was just awful. The scientific exposition was especially funny to me. It included this statement in the first act:
"Well sheriff, It's not the claw print of any fish in this area."
Make sure to watch the trailer
I downloaded the 700MB AVI file. The video was a little greenish, but otherwise good. The audio was clear.